Joint Ownership

Posted on 13 June 2011 by Sean


My parents in law and I are planning to each sell our houses and buy a joint larger property to live in. They will not need a mortgage, but I will. Is it possible to get a mortgage when I will only own part (half) of the property?

Sean

It should be possible for you to get a mortgage, but it will not be in your sole name as all parties named as owners at the Land Registry have to be named on the mortgage as well.  This will mean that your in-laws are joint mortgagors and depending on their ages this could restrict your choice of Lenders.  The industry norm is for mortgages to run until the age of 75, although there are a handful of lenders who will exceed this where income can be evidenced into and beyond retirement.

It is possible that your in-laws will not like being party to a mortgage and you should all take independent legal advice before deciding on the best way to purchase and finance this property.  I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers and our in house solicitors, Rollingsons.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to offer further advice on your situation.

Peter

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